The product life cycle is a concept that describes the stages that a product goes

through from its introduction to the market until its eventual decline and removal
from the market. The product life cycle has four main stages:

1. Introduction: This is the stage when a product is rst introduced to the

market. During this stage, sales are typically low as the product is still being
introduced and customers are just starting to become aware of it.

2. Growth: During the growth stage, sales of the product increase rapidly as
more customers become aware of it and start purchasing it. This is typically
the most pro table stage for a product, as sales are high and production
costs are low due to economies of scale.

3. Maturity: During the maturity stage, sales of the product start to level o as
the market becomes saturated and competition increases. Prices may start
to decrease as companies try to maintain market share, and marketing
e orts may focus on retaining existing customers rather than attracting new
ones.

4. Decline: During the decline stage, sales of the product start to decline as
customers move on to newer products or alternatives. Companies may
choose to discontinue the product or try to revitalize sales through
promotions or product updates.

It's important for businesses to understand the product life cycle of their products
in order to make strategic decisions about pricing, marketing, and product
development.

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